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SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
SEGMENT INFORMATION
14. SEGMENT INFORMATION
As defined in ASC 280, Segment Reporting (ASC 280), an operating segment is a component of an enterprise that engages in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the enterprise’s chief operating decision makers to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial information is available. The Company evaluates performance based on pretax net income relative to resources used, and allocate resources based on these results. The accounting policies applicable to the Company's segments are those that apply to its preparation of the accompanying unaudited Consolidated Financial Statements. Based on these criteria, the Company has identified three segments: WSFS Bank, Cash Connect®, and Wealth Management.
The WSFS Bank segment provides financial products to commercial and consumer customers. Commercial and Consumer Banking, Commercial Real Estate Lending and other banking business units are operating departments of WSFS Bank. These departments share the same regulators, the same market, many of the same customers and provide similar products and services through the general infrastructure of the Bank. Accordingly, these departments are not considered discrete segments and are appropriately aggregated in the WSFS Bank segment.
The Company's Cash Connect® segment provides ATM vault cash, smart safe and other cash logistics services through strategic partnerships with several of the largest networks, manufacturers and service providers in the ATM industry. Cash Connect® services non-bank and WSFS-branded ATMs and smart safes nationwide. The balance sheet category Cash in non-owned ATMs includes cash from which fee income is earned through bailment arrangements with customers of Cash Connect®.
The Wealth Management segment provides a broad array of planning and advisory services, investment management, trust services, and credit and deposit products to individual, corporate, and institutional clients. Bryn Mawr Trust® is our predominant Private Wealth Management brand, providing advisory, investment management and trustee services to institutions, affluent and high-net-worth individuals. Private Wealth Management, which includes Private Banking, serves high-net-worth clients and institutions by providing trustee and advisory services, financial planning, customized investment strategies, brokerage products such as annuities and customized banking services including credit and deposit products tailored to its clientele. Private Wealth Management includes businesses that operate under the bank’s charter, through a broker/dealer and as a registered investment advisor (RIA). It generates revenue through fee-only arrangements, net interest income and other fee-only services such as estate administration, trust tax planning and custody. Powdermill® is a multi-family office specializing in providing independent solutions to high-net-worth individuals, families and corporate executives through a coordinated, centralized approach.
The Bryn Mawr Trust Company of Delaware provides personal trust and fiduciary services to families and individuals across the U.S. and internationally. WSFS Institutional Services® provides trustee, agency, bankruptcy administration, custodial and commercial domicile services to institutional, corporate clients and special purpose vehicles.
The following tables show segment results for the three months ended March 31, 2024 and 2023:
 Three Months Ended March 31, 2024Three Months Ended March 31, 2023
(Dollars in thousands)WSFS Bank
Cash
Connect®
Wealth
Management		TotalWSFS Bank
Cash
Connect®
Wealth
Management		Total
Statements of Income
External customer revenues:
Interest income$256,133 $— $5,489 $261,622 $221,285 $— $5,098 $226,383 
Noninterest income16,220 26,350 33,287 75,857 14,150 18,179 30,798 63,127 
Total external customer revenues272,353 26,350 38,776 337,479 235,435 18,179 35,896 289,510 
Inter-segment revenues:
Interest income6,566 440 28,871 35,877 6,099 395 20,727 27,221 
Noninterest income7,273 435 207 7,915 6,900 461 105 7,466 
Total inter-segment revenues13,839 875 29,078 43,792 12,999 856 20,832 34,687 
Total revenue286,192 27,225 67,854 381,271 248,434 19,035 56,728 324,197 
External customer expenses:
Interest expense75,079 — 11,265 86,344 38,487 — 5,364 43,851 
Noninterest expenses106,632 21,935 20,505 149,072 100,949 13,500 18,596 133,045 
Provision for credit losses14,820 — 318 15,138 27,717 — 1,294 29,011 
Total external customer expenses196,531 21,935 32,088 250,554 167,153 13,500 25,254 205,907 
Inter-segment expenses:
Interest expense29,311 3,129 3,437 35,877 21,122 3,559 2,540 27,221 
Noninterest expenses642 1,409 5,864 7,915 566 1,346 5,554 7,466 
Total inter-segment expenses29,953 4,538 9,301 43,792 21,688 4,905 8,094 34,687 
Total expenses226,484 26,473 41,389 294,346 188,841 18,405 33,348 240,594 
Income before taxes$59,708 $752 $26,465 $86,925 $59,593 $630 $23,380 $83,603 
Income tax provision21,202 20,941 
Consolidated net income65,723 62,662 
Net (loss) income attributable to noncontrolling interest(38)258 
Net income attributable to WSFS$65,761 $62,404 
Supplemental Information
Capital expenditures for the period ended$4,220 $— $13 $4,233 $856 $— $— $856 
The following table shows significant components of segment net assets as of March 31, 2024 and December 31, 2023:
 March 31, 2024December 31, 2023
(Dollars in thousands)WSFS Bank
Cash
Connect®
Wealth
Management		TotalWSFS Bank
Cash
Connect®
Wealth
Management		Total
Statements of Financial Condition
Cash and cash equivalents$750,657 $173,291 $53,123 $977,071 $600,483 $443,431 $48,986 $1,092,900 
Goodwill753,586 — 132,312 885,898 753,586 — 132,312 885,898 
Other segment assets18,278,973 15,798 421,508 18,716,279 18,191,585 15,654 408,635 18,615,874 
Total segment assets$19,783,216 $189,089 $606,943 $20,579,248 $19,545,654 $459,085 $589,933 $20,594,672